Polaris has launched its flagship product development and rating software ProductWriter onto a cloud-based service.
ProductWriter is used by over 80 personal and commercial lines insurers and MGAs to develop new products and ratings models. It enables insurers, brokers and software houses to deliver millions of online quotes based on automated complex pricing decisions every day.
Until now, the software had to be installed locally on the computers of the underwriters and ProductWriter users. Moving to a secure, encrypted, cloud-based service on Microsoft Azure paves the way for the software to be updated more frequently with a significantly reduced reliance on clients’ resources and infrastructure. This also makes it easier for start-up and smaller firms to access the full benefits of the software.
The latest release significantly increases the number of external rating files that underwriters can refer to without having to alter their core rating software. It will also facilitate pricing and underwriting teams to work together more closely, giving underwriters greater flexibility and speed for testing new products and ratings down to an individual rule level.
Vivek Banga, Managing Director at Polaris, said: “ProductWriter is the most widely used insurance rating software in the industry and it is imperative that we keep evolving it for the benefit of our customers. We are seeing a clear focus on speed and scalability within our client organisations and that is what our cloud-based service has focused upon. Our clients can continue to expect more enhancements in the near future. We are also grateful to our user community that works closely with us to enhance ProductWriter.”
Rakesh Krishnan, ProductWriter Manager at Polaris, added: “Our Cloud offering will enable our customers to avoid regular installations and better manage product updates. It also provides new and niche customers with ready capability to build products in-house or by using third party specialists. These changes are a direct result of the feedback that we regularly receive from our very active user community. Their commitment has helped to strengthen ProductWriter’s position in the market."